Using a HISA account FAQs

Using the account

No minimum ongoing balance is required to earn our great competitive rate. Interest will not be paid on amounts over the account limit of $150,000. If the account balance goes over $150,000 then the interest rate will be reduced to reflect an average blended rate.

You’ll need to provide the issuer with your account information, such as account, transit and institution numbers (also known as ‘void cheque information’). You can easily access this by logging in at wyth.ca or through the Wyth mobile app, select Savings Accounts, choose the account you want Direct Deposit set up to, and select Download a Void Cheque. You’ll get a PDF version of a void cheque which you can print or save.

Remember your goals! This account is for saving, not spending, so bill payments and debit from your savings account aren’t available at this time.

There are no monthly fees for your savings account. Deposits to your savings account are free. Transfers from your savings account to linked external accounts at other financial institutions are free. Interac e-Transfer® withdrawals include one free per calendar month, then $1.50 each. There could be transaction fees for some other requests; please see our deposits disclosure for details.

Interest is calculated daily on the total closing balance and paid monthly, up to the account limit of $150,000. No interest will be paid on amounts over the account limit of $150,000. If the account balance goes over $150,000 then the interest rate will be reduced to reflect an average blended rate. Please see our deposits disclosure for details.

We offer instant transfers from your account using Interac e-Transfer® Autodeposit for amounts up to $250.  For amounts higher than $250, it will typically take about 30 minutes to send or receive funds via Interac e-Transfer®.

Interac e-Transfer® delays transactions for about 30 minutes to ensure account activity is in order and then the money will display in your account.

See our deposits disclosure for Interac e-Transfer® limits on inbound and outbound transfers.

Transfers from your linked accounts at other financial institutions may be processed the following day if the deposit is made after 6:00pm EST. We may place a hold on all or a potion of your deposit until we’ve verified that the funds will be available from the other account to cover it. Please refer to our hold policy in the deposits disclosure.

Log in at wyth.ca or through the Wyth mobile app, select your Savings account then click View account details to see your “Funds on hold” and “Available balance”.

An Interac e-Transfer® will appear within about 30 minutes and you’ll have access to these funds immediately.

Yes, your Wyth HISA account offers the convenience of setting up Autodeposit for funds received via Interac e-Transfer®.   There is no need to log into your account to receive the funds if you set this up. You can also choose to not Autodeposit funds received via Interac e-Transfer®.

Yes! Wyth Financial is a trade name of Concentra Bank, which is a member of the Canadian Deposit Insurance Corporation (CDIC). The CDIC is not a bank or private insurance company. It is a Federal Crown corporation created by Parliament to protect the money you deposit in member financial institutions. Eligible deposits in Canada are protected up to a maximum of $100,000 (principal + interest combined) per issued category. 

Read the CDIC's brochure on protecting your deposits

You will notice that we don't use security questions, and that's OK. For enhanced security we use one-time passwords to keep your money safe. For example, when you sign in at wyth.ca or using the Wyth mobile app on a new device, we send a text message with a one-time security code to your mobile device, or an email to your registered email address. We have all the standard features you'd expect from a Schedule 1 bank, such as strong passwords, and a variety of behind the scenes protection to keep your money secure. 

You betcha! You can add additional protection to your account by selecting an image that appears when you sign in. This helps protect you from phishing attacks. We also have a range of alerts enabled or available to ensure you're always aware of what is happening with your account, such as low balance alerts or when personal details are updated. 

Contact the Wyth team at 1.800.788.6311 and select option 1, or email us at answers@wyth.ca.

You can change the mobile number and email address we have on file for you any time. To make these updates, go to Settings > Update personal information when logged into wyth.ca or your Wyth app.

Sign in at wyth.ca or through our Wyth mobile app, then click Settings on the left, then Change Password. This will prompt you to enter your current and new password.

When an account holder passes away, the Executor or the Joint Account owner should contact the Wyth team at 1.800.788.6311 and select option 1, or email us at answers@wyth.ca. If possible, have the date of death and account details available.

We do a ‘soft check’ to just validate identity. This isn’t visible to others who view your credit report and it doesn’t affect your credit score. Phew!

Linking an external account is the easiest way to deposit money. We also offer Interac e-transfer®.

Information on CDIC coverage when member institutions amalgamate can be found here

Linking an account

Sign in at wyth.ca or through the Wyth mobile app, then on the home screen click Link account, and follow the instructions. If your financial institution is not listed or you would like to set up the link manually then we can do this by making two small deposits (microdeposits). Just follow the steps under Can’t find your financial institution?.

Follow the steps under Can’t find your financial institution? and enter the details of your external account. Within 2-3 business days two small deposits will be made to your external account.

On your computer:

  1. After receiving those two deposits, log into your Wyth account online and select Transfer money from the left-hand menu.
  2. Click on Manage accounts.
  3. Select the appropriate linked account and click Verify account.
  4. After entering the two deposit values correctly your account will be linked and you're ready to go!

On your Wyth app:

  1. After receiving those two deposits, log into your Wyth app and select Transfer from the menu on the bottom of the screen.
  2. Click on the down arrows and select Manage accounts.
  3. Select the appropriate linked account, enter the two values, and click Verify account.
  4. After entering the two deposit values correctly your account will be linked and you're ready to go!

This allows us to deliver you a more convenient and frictionless banking experience. It limits the need for you to gather other information, which can be inconvenient. The link is verified faster so you can deposit money from your linked account sooner.

You're not required to set up a link to an external account, but it's the easiest way to move money between Wyth and your accounts at other institutions, so you can take advantage of our great rates.You can set up a link during the application process, or at a later time in mobile or online banking. It’s a quick and simple way to deposit funds to your account, alongside other methods available like Interac e-Transfer®.

No. We only use your credentials to ensure that you're looking to your own account, and we do not store this information after the link has been verified. Once you have successfully signed in, your credentials are removed - we do not store them or have access to them in any way.

Yes! You may link more than one external account, subject to limits set out in the deposits disclosure.

Scheduled and recurring transfers can be made from your external linked account(s) into your Wyth savings account. You can change the scheduled payments at any time from your external linked account(s).

We may place a hold on all or a portion of your deposit until we’ve verified that the funds will be available from the other account to cover it. Please refer to our hold policy in the deposits disclosure. Transfers from your linked accounts made after 6:00pm EST/EDT may be processed the following day. Log in at wyth.ca or through the Wyth mobile app, select your Savings account then click View account details to see your “Funds on hold” and “Available balance”.

Balance Alerts

Alerts help you stay informed about your account activity as it happens. Starting June 2, 2022, we’ll send you a Balance Alert via email when your account balance falls below $100. You can change your settings by logging into wyth.ca or on your wyth app and select Settings > Manage Alerts to customize the Balance alert limits, alert delivery method, or opt-out. 

If we have your email, you’ll be enrolled to receive Balance Alerts when your account drops below $100 by default starting June 2, 2022 and/or at account opening. If we don't have your email address, we won't send you these alerts. You can change your settings by logging into wyth.ca or on your wyth app.  

Unless you change your notification settings, we’ll send you these alerts by email if you have provided your email address. You can change your settings by logging into wyth.ca or on your wyth app and selecting Settings > Manage Alerts to customize the alert delivery method by adding SMS options.   

If you don't set an alert threshold, it is automatically set at $100. You can customize your Balance Alerts threshold any time in Settings > Manage Alerts when logged into wyth.ca or your wyth app and setting an amount from $1-$100,000. Consider your typical account balance when setting your alert threshold amounts. 

You can update your settings by logging into wyth.ca or on your wyth app. Select Settings > Manage Alerts and turn off the toggle under Low balance alert.

The Balance Alert emails we send you will come from alerts@wyth.ca.

The Balance Alert SMS we send you will come from +1 306 518 2229 

You can change the mobile number and email address we have on file for you any time. To make these updates, go to Settings > Update personal information when logged into wyth.ca or your Wyth app.

We do not charge for sending alerts, but standard wireless carrier message and data rates may apply. Please check your wireless carrier plan for your rate information. 

You can opt out of these alerts at any time. 

Mobile cheque deposit

It’s simple! Sign in to the Wyth mobile app and click the Deposit camera icon at the bottom of the screen. Choose the savings account that you want to deposit the cheque to and enter the dollar amount of the cheque. Sign the back of the cheque. In a well-lit area, place the cheque on a dark surface and ensure the cheque is flat with any creases smoothed out. Upload a photo of both the front and back of the cheque, then click Deposit now. You’ll receive a reference number and confirmation if the deposit was successful. The deposit may be processed the following day if it is made after 6:00pm EST, and your funds will be available within 5-8 business days. Once it’s deposited, keep the cheque for at least 14 days before destroying it.

You can deposit cheques that are drawn on a Canadian institution and are in Canadian dollars. Cheques can’t be postdated and must be issued within 6 months of being deposited. The cheque must be made out to the registered account holder. Money orders, bank drafts and travellers cheques can’t be deposited using this feature.

You can deposit up to $150,000 per cheque.

No, you can deposit as many as you like!

A mobile cheque deposit may be processed the following day if it is made after 6:00pm EST. Up to $100 of each cheque (via mobile cheque deposit) you deposit to your HISA will be available for withdrawal on the business day following the day of deposit if your account has been open for more than 90 days. The deposit will appear immediately in your account, but the funds are subject to a hold of 5-8 business days while they’re being verified.

Please hold on to your cheque in a safe and secure place for 14 days, then you can destroy it.

After submitting your deposit you’ll receive a reference number and confirmation if it was successful. Mobile deposit does not store pictures on your device of the cheques that you deposit.